Property - Part 1 Review(more)

These flashcards cover key concepts, definitions, and scenarios from the lecture notes on property rights and ownership.

What are the major rights included in the 'bundle' of rights?

Control, disposition, enjoyment/use, and exclusion.

What are the major rights included in the 'bundle' of rights?

Control, disposition, enjoyment/use, and exclusion.

What is the definition of Real Property?

Real Property, also known as realty, refers to land and anything attached to it, primarily immovable structures.

What is Personal Property?

Personal Property, or personalty, includes tangible movable objects and intangible rights such as stocks and bank accounts.

What is Intellectual Property?

Intellectual Property is a form of intangible personal property that includes copyrights, patents, and trademarks.

What is the difference between tangible and intangible personal property?

Tangible personal property consists of physical, movable objects while intangible personal property has no physical form.

What does the term 'Fixtures' refer to in property law?

Fixtures are items that start as personal property but become semi-permanently attached to real property.

What is meant by Vested property rights?

Vested property rights are rights that have become fully effective.

What are Contingent property rights?

Contingent property rights depend on a future condition to become effective.

What is the difference between Severalty and Concurrent Ownership?

Severalty means sole ownership by one person, whereas Concurrent Ownership refers to property held simultaneously by two or more people.

What are the three forms of Joint Ownership?

Joint Tenancy, Tenancy in Common, and Tenancy By The Entirety.

What is the right of survivorship in Joint Tenancy?

In Joint Tenancy, the right of survivorship means that upon one owner's death, their share automatically passes to the other owner(s).

What happens to property in Tenancy in Common upon an owner's death?

In Tenancy in Common, the property share goes to the deceased owner's estate.

What happens to ownership in Tenancy By The Entirety upon divorce?

Tenancy By The Entirety converts to Tenancy in Common if the married couple divorces.

What is meant by 'estate' in the context of real property?

An estate refers to a person's ownership interest in land.

What is a fee simple estate?

A fee simple estate is the most complete form of ownership in real property, allowing the owner to pass that interest on to heirs.

What are the rights associated with a life estate?

A life estate grants a person the right to use and control property for their lifetime but cannot be passed on to heirs.

Who is the grantor in the context of a life estate?

The grantor is the person who creates a life estate by giving someone else a right to use the property for their life.

What is a remainderman?

A remainderman is a person who inherits property after a life estate has expired.

What does a leasehold entail?

A leasehold allows a tenant a possessory interest in land for a specific period, without ownership rights.

What is an easement?

An easement is a legally enforceable right allowing someone to use or access another's land for a specific purpose.

What is the difference between an easement and a license?

An easement is a permanent right to use land, while a license is temporary permission for use.

What is Adverse Possession?

Adverse Possession is the process by which someone can acquire title to land without the owner's consent if certain conditions are met.

What conditions must be met for Adverse Possession?

Possession must be hostile, adverse, open and notorious, and continuous for a set period (usually 20 years).

What is the significance of local regulations and HOA agreements in property control?

They may limit the right to control and alter a property.

What are encumbrances in the context of property disposition?

Encumbrances are legal claims or liens against a property that can restrict the owner's ability to sell or transfer it.

Can property rights be restricted by zoning laws?

Yes, zoning laws may limit how property owners can use their property.

What is meant by the term 'historical status' regarding property rights?

Historical status can impose limitations on property rights due to preservation laws or regulations.